Qiao Xing profit, sales drop as handset shipments fall

LONDON (MarketWatch) -- Qiao Xing Mobile Communications
QXM, +0.45%
said second-quarter operating income dropped to 76.1 million yuan ($11.1 million) from 230.6 million yuan, with revenue falling to 383.7 million yuan from 844.1 million yuan. The Chinese mobile handset maker said shipments fell 46% to 566,000 units. Sales were negatively impacted by the earthquake that took place in Sichuan province in May, which caused a slowdown in consumption in the Chinese consumer market, as well a delay in the release of its new product, VEVA S60. Operating results in the third and fourth quarters will be "better" than the same periods last year.

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